SteelMint’s benchmark sponge iron price up by INR 400/t ($5)

SteelMint’s benchmark price assessment for sponge iron (P-DRI) has increased by INR 400/t, following a rally in billet offers by INR 900/t, d-o-d. Today, trade volumes of sponge iron remained less than average as per sponge producers, as a total of 2,000-2,500 t confirmed deals have been reported at INR 25,500/t on exw & FoR basis from Raigarh/Odisha. The prices are likely to stay firm as decided in the recently held meeting among associations to improve conversion spread of furnaces.